Dusit International invests in multigeneration condo
Dusit International is expanding to real estate with an investment in a new multigeneration condo in Hua Hin, while targeting at least 15 new contracts for hotel management, including in Europe.
Siradej Donavanik, vice-president of development at Dusit Hotels & Resorts, said to capture the senior residence trend, the company plans to launch Dusit Ajara, a luxury condo under its property development arm Dusit Estate, this year.
In Thailand, several generations live under one roof, unlike in Western culture where elderly people usually move to senior homes, said Mr Siradej.
Given this culture, the company wants to launch a project that welcomes multigenerational living, targeting local buyers.
The potential of Thai buyers is strong based on its Dusit Central Park residential project, where the majority of buyers are locals confident with the Dusit brand, he said.
Dusit Ajara is expected to feature 100 units under leasehold contracts.
Situated near Dusit Thani Hua Hin hotel, the project can integrate services from Dusit hotels, such as offering housekeeping with a five-star standard for residents, said Mr Siradej.
According to hospitality consultancy C9 Hotelworks, Thailand has the top market value in Asia for branded residences at 191 billion baht from 46 branded residence projects featuring 10,081 units.
“Investment in branded residences is an opportunity for hotel companies, as potential buyers are looking more for branding, lifestyle and services, not only brick-and-mortar as in the past,” said Mr Siradej.
Meanwhile, for Dusit’s hotel development, he said the company aims to open 6-9 new hotels, and signed 15-17 management contracts this year, adding them to the existing 60-hotel portfolio.
Last year, the company signed 14 hotels, mainly in Asia.
Mr Siradej said the company has ambitions to expand to Europe, such as Germany and France, after opening the first hotel in Greece two years ago.
He said such a presence would help the company diversify the portfolio to be less reliant on Asia.
Europe has also rebounded quickly from the pandemic, unlike Asia which reopened and recovered at a slower pace.
However, Asia would still be the main destination for expansion, including Japan, China and India, where the company already has a footprint.
Given the government has approved the bill to legalise casinos within entertainment complexes, he said the company doesn’t have a concrete plan build a hotel in those complexes and doesn’t plan any talks about such cooperation at the moment.
Mr Siradej was a guest speaker earlier this week at the Thailand Tourism Forum 2025, an annual hospitality event with over 1,100 attendees.
Source: https://www.bangkokpost.com/business/general/2941575/dusit-invests-in-multigeneration-condo
